European Monetary Union (EMU) faces the most turbulent period since its creation. Highly-leveraged members are looking desperately for a way out of the interest rate labyrinth. Monetary unification has suspended crucial instruments from the national policy making and thus made countries, which have declared a red alert, less resilient to serious exogenous shocks. Fears, that EU would be exposed to explosive mechanisms (interest-rate spirals and Ponzi structu...

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